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Axon Enterprise Inc. (NASDAQ:AXON)

This company has been moved to the archive! The financial data has not been updated since May 9, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Axon Enterprise Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Accounts payable 2.19 2.10 2.50 3.14 2.78 1.91 1.67 0.51 1.41 1.75 1.75 3.25 3.60 3.06 1.85 1.21 1.33 2.11 1.32 1.43 2.98
Accrued liabilities 4.01 5.47 5.61 5.23 3.92 6.14 5.40 4.38 2.93 4.33 5.79 5.23 4.15 5.32 4.51 4.56 4.92 5.71 5.41 4.67 8.87
Current portion of deferred revenue 13.57 12.62 12.26 13.10 18.43 15.73 15.23 12.24 11.75 11.87 12.10 10.51 13.66 13.94 16.05 15.19 14.89 14.87 13.15 11.92 19.38
Customer deposits 0.46 0.72 0.76 0.59 1.04 0.62 0.37 0.32 0.58 0.21 0.17 0.31 0.38 0.35 0.29 0.45 0.49 0.38 0.60 0.46 0.80
Current portion of business acquisition contingent consideration 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.25 0.30 0.64
Other current liabilities 0.25 0.22 0.34 0.35 0.39 0.39 0.41 0.42 0.40 0.39 0.40 0.40 0.44 0.46 0.50 0.52 0.53 0.01 0.02 0.03 0.09
Current liabilities 20.48% 21.13% 21.46% 22.41% 26.56% 24.79% 23.09% 17.87% 17.07% 18.56% 20.21% 19.70% 22.23% 23.13% 23.20% 21.93% 22.16% 23.07% 20.76% 18.82% 32.75%
Deferred revenue, net of current portion 8.32 8.70 15.61 13.95 7.95 11.00 6.80 7.45 8.26 8.05 6.86 6.74 10.47 10.40 10.37 9.99 10.12 10.34 10.18 9.57 14.76
Liability for unrecognized tax benefits 0.54 0.38 0.36 0.40 0.29 0.22 0.28 0.30 0.33 0.33 0.34 0.36 0.48 0.45 0.43 0.46 0.43 0.40 0.26 0.30 0.46
Long-term deferred compensation 0.27 0.22 0.27 0.29 0.33 0.34 0.31 0.34 0.34 0.34 0.32 0.32 0.39 0.47 0.47 0.50 0.50 0.45 0.53 0.55 1.02
Deferred tax liability, net 0.00 0.00 0.00 0.00 0.02 0.05 0.01 0.02 0.05 0.05 0.04 0.04 0.04 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-term operating lease liabilities 1.17 1.30 0.81 0.94 1.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Convertible notes, net 22.43 23.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Business acquisition contingent consideration, net of current portion 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.05
Other long-term liabilities 0.15 0.16 0.24 0.23 0.26 1.53 1.81 2.12 1.98 1.98 2.24 2.29 2.62 1.24 1.46 1.60 1.79 0.79 0.84 0.86 0.24
Long-term liabilities 32.87% 34.39% 17.29% 15.81% 9.99% 13.14% 9.21% 10.24% 10.97% 10.75% 9.81% 9.75% 14.00% 12.60% 12.73% 12.56% 12.83% 11.98% 11.81% 11.31% 16.53%
Total liabilities 53.36% 55.52% 38.75% 38.22% 36.54% 37.93% 32.30% 28.11% 28.04% 29.31% 30.02% 29.45% 36.23% 35.73% 35.93% 34.49% 34.99% 35.05% 32.57% 30.13% 49.28%
Preferred stock, $0.00001 par value; no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.00001 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 41.96 41.19 58.06 58.96 63.12 64.88 69.74 77.22 74.37 69.67 71.03 71.67 61.92 62.47 60.68 62.69 62.25 63.01 65.71 68.92 51.49
Treasury stock at cost -5.18 -5.47 -7.76 -8.07 -8.80 -9.24 -9.48 -10.21 -11.10 -11.29 -12.19 -12.65 -17.77 -18.44 -19.68 -20.89 -21.10 -21.67 -22.88 -24.28 -39.68
Retained earnings 10.05 9.01 11.33 11.17 9.30 6.51 7.50 4.90 8.68 12.30 11.26 11.76 20.02 20.37 23.30 23.92 24.05 23.82 24.84 25.47 39.47
Accumulated other comprehensive income (loss) -0.18 -0.25 -0.39 -0.27 -0.16 -0.08 -0.06 -0.01 0.01 0.01 -0.12 -0.23 -0.40 -0.13 -0.23 -0.21 -0.20 -0.21 -0.24 -0.24 -0.55
Stockholders’ equity 46.64% 44.48% 61.25% 61.78% 63.46% 62.07% 67.70% 71.89% 71.96% 70.69% 69.98% 70.55% 63.77% 64.27% 64.07% 65.51% 65.01% 64.95% 67.43% 69.87% 50.72%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The capital structure of the organization underwent a significant transformation between March 2018 and March 2023, characterized by a marked shift from equity-dominated financing to an increased reliance on long-term liabilities. While total liabilities remained relatively stable between 28% and 38% for the majority of the period, a sharp increase occurred in the final two quarters, peaking at 55.52% in December 2022 before settling at 53.36% in March 2023.

Liability Composition and Trends
Current liabilities generally fluctuated between 17% and 26% of the total balance sheet. A primary driver within this category is the current portion of deferred revenue, which consistently represented a substantial share, ranging from 10.51% to 18.43%. This suggests a business model with significant prepaid obligations. Long-term liabilities remained stable between 9% and 17% until December 2022, when they spiked to 34.39%. This escalation is directly attributable to the issuance of convertible notes, which appeared in December 2022 at 23.63% and remained high at 22.43% by March 2023.
Stockholders' Equity Dynamics
Stockholders' equity experienced a gradual decline from its peak of 71.96% in March 2021 to 46.64% by March 2023. This reduction coincides with the increase in long-term debt. Additional paid-in capital, which once constituted up to 77.22% of the total balance sheet, decreased to approximately 42% by the end of the observed period. Retained earnings also showed a long-term downward trend in relative terms, falling from 39.47% in March 2018 to 10.05% in March 2023.
Treasury Stock and Other Equity Adjustments
A notable contraction is observed in the relative impact of treasury stock. In March 2018, treasury stock represented a negative 39.68% of total liabilities and equity; however, this figure steadily improved to negative 5.18% by March 2023. This indicates that as the balance sheet grew, the relative weight of repurchased shares diminished significantly.
Operational Liabilities
Accrued liabilities and accounts payable remained relatively low and stable throughout the period. Accrued liabilities typically fluctuated between 3% and 6%, while accounts payable generally remained below 3%, indicating that these short-term operational obligations do not exert significant pressure on the overall capital structure compared to deferred revenue and long-term debt.

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